Lords Group Trading Plc · LSE:LORD

Lords Group Trading — H1 2026 Earnings Presentation

22 slides from Lords Group Trading's earnings presentation, Sep 30, 2026

  1. Slide 1: H1 2026 Update

    H1 2026 Update Resilient first-half revenue, with operational actions underway to improve performance and reduce leverage 30 September 2026 1

  2. Slide 2: Agenda

    Agenda Highlights Shanker Patel, CEO Financial review Stuart Kilpatrick, CFO Business review Shanker Patel, CEO Outlook Shanker Patel, CEO Q&A Shanker Patel, CEO Stuart Kilpatrick, CFO 2

  3. Slide 3: Resilient revenue, decisive operational response

    Resilient revenue, decisive operational response H1 2026 was operationally challenging, but management has identified the issues and increased the pace of action £232.1m (6.8)% £8.4m nil £26.5m Group revenue Group LFL revenue Adjusted EBITDA1 Interim dividend Net debt Broadly in line with Underlying

  4. Slide 4: Financial review

    Financial review 30 September 2026 4

  5. Slide 5: H1 2026 financial snapshot

    H1 2026 financial snapshot Change H1 2026 H1 2025 Change Revenue £232.1m £232.1m - ˃ Reported revenue resilience masked weaker underlying demand Gross profit £46.9m £44.8m 4.7% ˃ Gross margin increased to 20.2% (H1 2025: Adjusted EBITDA1 £8.4m £10.4m (19.2%) 19.3%) reflecting pricing discipline and

  6. Slide 6: Revenue and Operating expense bridges H1 2025 – H1 2026

    Revenue and Operating expense bridges H1 2025 – H1 2026 Revenue Bridge H1 2025 - H1 2026 Operating expenses H1 2025 - H1 2026 235.0 41.0 232.1 22.0 232.1 230.0 40.0 5.2 39.0 38.6 225.0 (1.0) 38.0 220.0 £m £m 37.0 215.0 (16.6) 36.0 210.0 (5.4) 35.0 34.4 205.0 34.0 200.0 33.0 P&H LFL CMO and new branc

  7. Slide 7: Merchanting: Volume challenged; gross margin stable

    Merchanting: Volume challenged; gross margin stable £m H1 2026 H1 2025 Change Revenue down 4.6%; LFL down 4.9% ˃ Lords Builders Merchants and George Lines Revenue 112.3 117.7 (4.6%) both delivered positive like-for-like growth during the period Gross profit 29.0 30.4 (4.6%) Operating expenses (24.4)

  8. Slide 8: P&H: Re-sized infrastructure; market share drive

    P&H: Re-sized infrastructure; market share drive £m H1 2026 H1 2025 Change ˃ Revenue decline of 14.1% reflected no repeat of exceptional boiler volumes in March 2025 Revenue 96.4 112.2 (14.1%) ▪ UK boiler market estimated decline of 3 – 4% offset Gross profit 13.2 13.9 (5.0%) ▪ Deferral of replaceme

  9. Slide 9: Digital: building a scalable Group platform

    Digital: building a scalable Group platform £m H1 2026 H1 2025 ˃ CMO was acquired in June 2025 ˃ Revenue increased 17.5% year-on-year Revenue 23.4 2.2 ˃ Positive Adjusted EBITDA1 following Gross profit 4.7 0.5 completion of initial integration programme reducing cost base and restoring volumes Opera

  10. Slide 10: Cash Flow

    Cash Flow Net debt1 at £26.5m at 30 June 2026 (5.0) 8.4 ˃ Seasonal working capital outflow of £6.7m (10.0) ˃ £5.6m higher than June 2025 and leverage above Board’s medium-term target (6.7) (13.4) Refinancing completed on 2 April 2026 (15.0) ˃ £65.0m total facilities ˃ 3-year term + 2 one-year extens

  11. Slide 11: Business review

    Business review 30 September 2026 11

  12. Slide 12: Merchanting: momentum improving, with margin and cost actions

    Merchanting: momentum improving, with margin and cost actions We combine localism with specialism, offering our customers exceptional customer service, superior product knowledge and highly engaged teams, which together make us local leaders across our branches (4.9)% 4 £15.0m H1 LFL revenue New bra

  13. Slide 13: Plumbing & Heating: recovery plan centered on market share, efficiency and mix

    Plumbing & Heating: recovery plan centered on market share, efficiency and mix P&H offers its customers specialist product knowledge, outstanding service and an attractive in-store and online proposition (13.3)% 7→4 £1.5m H1 LFL revenue Distribution centres FY27 cost saving Weaker market Rationalisa

  14. Slide 14: Digital: Turnaround milestone reached, now focused on scalable growth

    Digital: Turnaround milestone reached, now focused on scalable growth CMO is the UK’s largest online-only retailer of construction products, operating through nine specialist websites +17.5% Positive £2m CMO Revenue EBITDA Initiatives H1 year-on-year growth Turnaround milestone Next phase priorities

  15. Slide 15: Group operational improvement programme

    Group operational improvement programme Every operating business has a focused improvement plan with clearer ownership and regular Executive review Sales Execution Grow APP share; revitalise inactive CMO accounts; drive AW Lumb direct sales Gross margin Merchanting gross margin challenge; supplier s

  16. Slide 16: Outlook

    Outlook 30 September 2026 16

  17. Slide 17: Outlook: not expecting improvement in market conditions; control the controllables

    Outlook: not expecting improvement in market conditions; control the controllables Assumption that second-half market conditions are similar to H1 Market conditions Priorities to year end ˃ S&P Construction PMI was 44.3 in ˃ Convert profit into cash and reduce August; 20 months below 50 leverage ˃ B

  18. Slide 18: Q&A

    Q&A 30 September 2026 18

  19. Slide 19: Disclaimer

    Disclaimer This presentation has been prepared by Lords Group Trading plc (the "Company") solely for information and does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate the Company or its business prospects. For the purposes of this not

  20. Slide 20: Appendices

    Appendices 30 September 2026 20

  21. Slide 21: Appendix 1 – Alternative Performance Measures

    Appendix 1 – Alternative Performance Measures £m H1 2026 H1 2025 £m H1 2026 H1 2025 Operating profit (3.1) 3.7 Loss before taxation (6.9) 0.6 Amortisation of acquired intangibles 1.7 1.7 Amortisation of acquired intangibles 1.7 1.7 Exceptional items 3.7 0.4 Unamortised loan arrangement fees on 0.3 -

  22. Slide 22: Appendix 2 – Adjusting Items

    Appendix 2 – Adjusting Items £m H1 2026 H1 2025 Business combination charges and amortisation of acquired intangibles 2.0 2.1 Depot rationalisation in P&H 2.1 - Restructuring and redundancy 1.3 - Share-based payments - 0.4 Arrangement fees following refinancing 0.3 - Total 5.7 2.5 22

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